The Legal 500 > United Kingdom - Solicitors > London > Equity capital markets – small-mid cap

Spread across the firm's UK network, Addleshaw Goddard's public companies team is well placed to handle placings and takeover transactions involving AIM-listed companies around the country. Though the department was involved in one of 2018's largest AIM IPOs, the takeovers practice in particular is perhaps the team's strong point; not only was the firm involved in the largest takeover of an AIM-quoted company in 2018, but with four former Takeover Panel secondees among its legal staff, it is also a trusted adviser to the takeovers regulator. Nick Pearey is a name to note, and Giles Distin is 'a rare example of a true corporate lawyer with real expertise in AIM rules and Takeover Code issues'.

Though Norton Rose Fulbright is often recognised for its strength in many of the world's emerging markets, the ECM team has been especially busy with London fundraising deals involving companies in Canada and Australia. Acting for nearly 90 London-listed clients, the practice group handles a solid base of issuer mandates, but also has strong relationships with international investment banks and nomads. REITs and other listed funds work has been another source of the group's recent activity. Raj Karia leads the firm's corporate, M&A, and securities group across Europe, the Middle East and Asia. Other recommended contacts include Thomas Vita, who advises on US securities matters for ECM transactions across EMEA, and newly made partner Clementine Hogarth, 'a robust negotiator and a doggedly determined legal adviser'.

Pinsent Masons LLP has noted a marked decrease not only in IPO activity, but also in listing activity more generally. However, where the team has been kept busy are with moves from the standard to the premium segment of the London Stock Exchange (LSE) and public company takeovers. The practice group has a number of strong broker relationships, but stands out in particular for its client roster of AIM listed-companies, a metric by which it is regularly listed among the market's top firms. Further, 'the team made an excellent strategic decision' in 2018 with the hire of Roberta Markovina from Herbert Smith Freehills LLP. Markovina is the group's first US securities lawyer based in London. Other key figures include corporate head John Tyerman, Jon Harris and Gareth Jones.

Travers Smith LLP has historically been recognised for its AIM work on both the manager and issuer side, though the practice group works seamlessly across London's AIM and main markets, providing English law and US securities law advice. The firm is consistently instructed by corporate issuers in notable mid and upper-mid market IPOs, and also has strong relationships with prominent nomads and financial advisers in addition to larger investment banks. The group also has expertise in the listed funds market. Clients have recognised the partner-level expertise provided by individuals such as Spencer Summerfield, Philip Cheveley and Andrew Gillen, as well as the deep bench of senior associates, which includes the highly recommended Tom Coulter.

In the face of a sluggish domestic IPO market, Ashurst has kept busy advising on secondary offerings in connection with acquisitions and rescue transactions with distressed issuers. That said, the team was engaged by Tritax EuroBox in one of the last large IPOs to be completed before the market slowdown toward the end of 2018. Historical strengths of the practice group include real estate, real estate funds, and energy and natural resources, and while the team has been recognised for its bank relationships in particular, the team has been increasingly pushing its issuer-side work. The group is headed by Nicholas Holmes, 'a highly respected senior statesman in the London ECM market', while Jennifer Schneck leads the firm's 'strong US securities practice'.

Dentons' London ECM group is characterised by a strong presence in upper AIM deals, and an active emerging markets practice which is more geared toward the main market. The AIM side of the practice is partly fuelled by corporate issuers in the energy, real estate and natural resources sectors, though the team also has relationships with a number of prominent nomads and investment banks. On the main market, the team was recently involved in a high-profile privatisation by way of IPO. Key figures in the practice group include Neil Nicholson and David Collins who heads up the UK corporate department.

DLA Piper is consistently ranked among the most active firms for London Stock Exchange (LSE) IPOs, and though the appetite for floats slowed in 2018, the team remained active with a number of secondary offerings and rescue transactions, particularly in the retail space. The ECM team has recently been most active in the mid to upper-mid-cap market segment, and is on the lookout for issuer and underwriter mandates across AIM and the Main Market. Practice head Alex Tamlyn chairs the Primary Markets Group on the LSE, and Martin Penn is rated for his 'availability and sense of accountability'.

Eversheds Sutherland (International) LLP has historically been a strong performer in the mid-market IPO space, working across the AIM and main market. The practice group has shown a particularly strong client base of nomad/brokers and UK investment trusts. Steve Nash and Richard Moulton are key contacts.

Leveraging a roster of nearly 40 AIM-quoted clients and connections with a huge number of brokers, Fieldfisher has been involved in dozens of equity deals even at a time when the market has been especially quiet. The practice group is noted in particular for its expertise in the oil and gas and mining and minerals sectors, which means it is regularly handling transactions involving foreign issuers listing in London. To complement its expertise in the natural resources sectors, the firm has a large dedicated CIS group, which has continued to expand its work in Ukraine, Kazakhstan and Russia. Key contacts include Neil Matthews, Anthony Brockbank, George Cotter and Brad Isaac.

Gowling WLG's corporate group is one of the market's leading advisers for AIM-quoted mining and exploration companies. The corporate team often works hand-in-hand with the natural resources group headed by Charles Bond, and given the nature of its industry expertise, it has extensive experience acting for dual-listed corporates operating in numerous jurisdictions across Europe, Asia, Africa, Australia and the Americas. Moreover, corporate head, Sunil Kakkad, also leads an India-focused group. Although the team is generally most active for corporate issuers, the firm remains plugged into the nomad community, producing an AIM handbook and holding an annual conference for nominated advisers.

Mayer Brown International LLP has seen a litany of cross-border instructions in the insurance, life sciences and tech sectors, though the team's geographical reach has of late been a larger generator of work than its sector specialisms. With a particularly strong foothold in the US and Canada, an active Asia-Pacific network and a partner with extensive experience in the Spanish market (Robert Flanigan), the ECM team has managed to stay busy despite a relative slowdown in certain markets worldwide. Also recommended are Kate Ball-Dodd, who has 'an amazing grip on the technical aspects of law and their practical application', and Rebecca Bothamley, 'a junior partner who can run a transaction like a senior partner'.

Simmons & Simmons is active across London's AIM and Main Market, and has strong relationships with some of the most prominent investment banks and nominated advisers. Headed by Chris Horton ('a seasoned operator with excellent technical skills'), the ECM group's sector specialisms fall in line with the wider firm's focuses, which include financial institutions and asset management, TMT, and healthcare and life sciences.

Stephenson Harwood has experience working for nominated advisers and companies across London's AIM, Main Market and Specialist Funds Segment. Given the breadth of industry sectors and market segments it handles, the team managed to stay very active in the face of a mercurial market, having acted in nearly 70 London ECM deals in 2018. Moreover, the firm has continued to invest in the ECM group through new partner promotions in 2018 and 2019. The practice group is headed by Tom Nicholls, 'a talented and business-oriented lawyer with great knowledge of the London market; an absolute go-to'.

Bird & Bird LLP's corporate group has experience of public takeovers and public company M&A, and regularly advises on AIM placings and IPOs involving issuers in the energy and natural resources and technology sectors. The team acts for a long list of finance houses focusing on AIM placings, but has also recently been instructed by corporate issuers in the fintech and mining and minerals sectors. Practice head, Clive Hopewell, has been recognised by clients for his 'pragmatism' and 'effective management of difficult situations'.

Fueled in part by the firm-wide focus on private wealth, Charles Russell Speechlys LLP has developed expertise in advising shareholders and growth companies on public company transactions. Led by Andrew Collins, the practice group has relationships with some active nomads and brokers, but its extensive experience acting for corporate issuers across a huge range of industry sectors makes it a particularly attractive choice for companies seeking to grow through the capital markets. Clients have singled out Paul Arathoon as 'an excellent partner, who is very easy to work with'.

Dechert LLP fields a corporate team with strong nomad/broker relationships and ECM experience in the context of IPOs, M&A and take-private deals, and PE transactions. The team's placing work is primarily geared toward the London AIM market, where energy and life sciences are among the group's sector specialisms. Further, the practice group also has experience of cross-border listing mandates and instructions involving emerging market issuers. Douglas Getter heads the firm's US corporate practice in Europe in addition to its London corporate team, and Camille Abousleiman leads the international capital markets practice.

DWF has been involved in a number of standout placing and IPO mandates in 2018–2019, not least of which included assisting with its own main market IPO, making it the only legal business listed on London's Main Market. Headed by Frank Shephard, who splits his time between London and Manchester, the corporate group acts for a host of nomads, brokers and investment banks and also has experience acting for corporate issuers, particularly in the technology sector. Also of note, the firm recently launched two legal technology products, which can be used specifically for managing IPOs, fundraisings and takeover transactions. Matthew Doughty leads the firm's ECM practice group.

Acting for issuers and underwriters, Hogan Lovells International LLP has developed a reputation for advising on AIM listings that will lead to step-ups to London's Main Market. The firm is intent on developing its ECM capabilities, having made multiple hires to bolster its US securities practice in 2017 and 2018. With a strong English law corporate team and an enhanced US securities practice, the group is well-placed to advise clients on matters from pre-IPO fundraising to international offerings. Maegen Morrison heads the practice group.

Macfarlanes LLP acts for nominated advisers, listed funds, company issuers and investment managers in a wide range of equity transactions including placing work, private capital investments and corporate transactions with securities and shareholding components. Headed by Robert Boyle, the team's recent work has been fuelled in part by its visibility in the private equity space. In addition, the practice group has experience of equity deals involving tech companies, and has also seen activity from foreign issuers listing in the UK.

Memery Crystal LLP is one of the leading firms for listing foreign and dual-listed mining companies on AIM, particularly those from Australia and Africa. In addition, the team has experience advising brokers and corporate issuers in the technology, software and fintech sectors, and is becoming increasingly interested in acting for Canadian cannabis-related companies despite current regulatory hurdles for listing such companies. Key contacts in the team include Nick Davis and Lesley Gregory, a very well-known name in the London AIM space.

Taylor Wessing LLP has experience advising REITs and trading companies on domestic equity markets spanning AIM and the Main Market, including the Specialist Funds Segment. The team has experience in the technology, life sciences and real estate sectors. Russell Holden is a key contact.

Leeds-based Walker Morris LLP had an outstanding year both in terms of deal volume and individual highlight deals, having advised on three IPOs in 2018 each with a market capitalisation of over £100m on admission. Acting for corporate issuers and dealers/brokers, the strong performance of the ECM group and wider corporate team has been recognised by a variety of market sources. The practice group is jointly headed by Richard Naish and Daniel O’Gorman, who is noted for his 'commercial approach to transactions'.

Wedlake Bell LLP makes its way into the rankings this year thanks to a successful effort to expand its capital markets team. The team is now led by Martin Thomas, who specialises in listing transactions in London, and joined the firm from Watson Farley & Williams LLP. Since joining, Thomas has handled a number of equity financing transactions in connection with high-value M&A in the oil and gas sector. Another contact in the practice group is Edward Craft, who focuses on the retail, healthcare, and tech sectors, and has client relationships with several active nomads. Other notable additions to the team include Paul Corren and Claire McConway, who joined the firm in 2018 from HCB Solicitors and Carey Olsen respectively. Back just one more year, in 2017 Adam Lynch joined the team from Maclay Murray & Spens.

Burges Salmon LLP regularly handles placing work in conjunction with it's strong restructuring team and its corporate group which acts for a number of domestic public companies. A particularly active area in 2018–2019 has been Brexit-related public company work where, for example, the team advised a listed company on a corporate restructuring mandate involving the creation of an Irish parent company. The team has strong relationships with a number of active nomads, and acts for a corporate client base spanning a variety of sectors, though the group is particularly well known in the energy space. Richard Spink heads the corporate department and Rupert Weston is a name to note in the corporate finance group.

DAC Beachcroft LLP has historical strengths in acting for corporate issuers and nomad/brokers in secondary fundraisings and IPOs on London's AIM. In line with the AIM's sector spread, the team has noted experience in the natural resources sector.

Fladgate LLP advises on the full suite of ECM and public company matters including standalone AIM placings, public company M&A, and main market listings. The practice group is noted for its cross-border experience and its work for dual-listed companies, for which it handles transactional and regulatory mandates. In particular, the team has developed expertise in advising Canadian and Israeli companies, which falls in line with the firm's industry focuses on technology, fintech, life sciences and natural resources. Moreover, the firm has invested heavily in its ECM capabilities, having most recently brought on Sandra Bates from Pillsbury Winthrop Shaw Pittman LLP. Key figures in the practice group include David Robinson and Nigel Gordon, both of whom have experience advising technology and growth companies, and Paul Airley, who specialises in the energy and natural resources sectors.

The corporate group at Fox Williams LLP has strengths in equity finance with related experience of public takeovers, private M&A, and corporate governance. Headed by Richie Clark, the team has recently been most active in the natural resources sector, but has also demonstrated expertise in the areas of technology, financial services and fintech. In addition, the practice group has developed a reputation for handling equity finance mandates for companies in the professional services sector.

Perhaps the biggest story from Hamlins LLP's corporate department has been its investment in expanding its international reach. The practice group is looking in particular to the Canadian and Israeli markets and recently brought on Robert Rakison from McGuireWoods London LLP to act as international business consultant. In terms of industry sectors, the team attracts a flow of work in real estate and leisure sectors, and also regularly works in conjunction with its specialist media group. Practice head Daniel Bellau has expertise in public and private company M&A in addition to his AIM financing work.

With sector specialisms in tech, retail and natural resources, Kerman & Co runs an integrated corporate practice that advises on equity fundraisings, M&A and other public company matters. Led by Peter Kohl, the team focuses on acting for corporate issuers and has a long track record of experience in handling AIM IPOs.

The team at Michelmores LLP maintains a steady stream of work through its strong broker relationships and its dedication to the technology and natural resources sectors. Acting on the company side, one of the group's greatest strengths is its experience handling the transitional phase for smaller companies looking to list for the first time. The practice group has reported a very active year precisely because of its focus on smaller deals. As a reflection of its increased activity, the team promoted three new senior associates and hired an additional junior lawyer. Ian Binnie heads the capital markets group.

Mills & Reeve LLP's corporate group has acted for technology and natural resources companies in IPOs, AIM fundraisings and other various public company transactions. The practice group has contacts across the firm's London, Leeds and Cambridge offices.

Shepherd and Wedderburn's ECM group is headquartered in the firm's London office, but also draws on the expertise of lawyers from the firm's various offices throughout Scotland. The team is instructed by corporate issuers and broker/dealers, and boasts a spread of sector experience in areas such as natural resources, technology and healthcare. It has also been increasingly active in the fintech space. Practice head Walter Blake is rated for his 'common sense and practical approach', and Tom Swan was promoted to partner in 2018.